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Manchester United may head into next season without the new owners in charge of affairs at Old Trafford.
Raine Group and the Glazer family are still yet to name a preferred bidder as the takeover saga continues to drag on, almost seven months after it kicked off.
On Thursday, it was reported that Nine Two Foundation, the investment vehicle being spearheaded by Sheikh Jassim Bin Hamad Al Thani was engaged in talks with the Glazers to be granted exclusivity.
As covered by The Peoples Person, exclusivity for Sheikh Jassim would mean that the Glazers are unable to carry out negotiations with any other bidders, including Sir Jim Ratcliffe.
This is widely expected to be the next step before the club sale finally concludes and the end of the Glazer family’s 18-year crushing rule comes to an end.
However, according to The Daily Mail’s Mike Keegan, sources close to the process have dismissed suggestions that talks of Sheikh Jassim being granted exclusivity are ongoing.
Keegan points out that should the Glazers come to a decision over who they want to hand control of the club to, an approval process will then follow to rubber-stamp the change of guard.
Keegan says, “As of Thursday night, no preferred bidder had been chosen. And Mail Sport understands should the Glazers decide who they want to sell to, a further eight to 12 weeks ‘approval process’ would follow before a deal is officially approved.”
“That means that when Erik ten Hag’s men start the 2023-24 campaign against Wolves at Old Trafford on August 14, the Glazers – deeply unpopular with large sections of the club’s fanbase – may well still be technically in control.”
“Any successful bidder will be subject to an approval and closing process and there will be no impact on United’s summer transfer business.”
It recently came to light that Erik ten Hag will be limited to spending about £120m this summer before player sales. The Red Devils must carefully watch their spending and limit themselves to operating within strict financial controls.
United’s current predicament is a result of last summer’s spending spree and losses brought about by Covid-19 when the club was severely affected.
Keegan adds that a decision on who the Glazers have chosen is expected imminently, but the approval process will delay matters.
The Times claims that Sir Jim is still the favourite to emerge successful.
“Sir Jim Ratcliffe and Ineos remain favourites to take over at Old Trafford in a deal that ultimately values the club at close to £6billion,” the outlet says.
“But sources with knowledge of the process say that once a deal is agreed and a sole bidder enters that final approval process, it will still take some time before the sale is concluded.”
For United fans, an end to the takeover fiasco still seems far from reach.
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Courtesy : https://thepeoplesperson.com/2023/06/15/lengthy-approval-process-means-new-man-united-owners-may-not-be-in-place-by-start-of-new-season-265354/